Skip to main content

AVIVA Life Insurance

Aviva is UK’s largest and the world’s fifth largest insurance Group. It is one of the leading providers of life and pensions products to Europe and has substantial businesses elsewhere around the world. With a history dating back to 1696, Aviva has a 40 million-customer base worldwide. It has more than £377 billion of assets under management.

In India, Aviva has a long history dating back to 1834. At the time of nationalization, it was the largest foreign insurer in India in terms of the compensation paid by the Government of India. Aviva was also the first foreign insurance company in India to set up its representative office in 1995.

In India, Aviva has a joint venture with Dabur, one of India's oldest, and largest Group of companies. A professionally managed company, Dabur is the country's leading producer of traditional healthcare products.

In accordance with the government regulations, Aviva holds a 26 per cent stake in the joint venture and the Dabur group holds the balance 74 per cent share.

With a strong sales force of over 28,000 Financial Planning Advisers (FPAs), Aviva has initiated an innovative and differentiated sales approach to the business. Through the “Financial Health Check” (FHC) Aviva’s sales force has been able to establish its credibility in the market. The FHC is a free service administered by the FPAs for a need-based analysis of the customer’s long-term savings and insurance needs. Depending on the life stage and earnings of the customer, the FHC assesses and recommends the right insurance product for them.

Aviva pioneered the concept of Bancassurance in India, and has leveraged its global expertise in Bancassurance successfully in India. Currently, Aviva has Bancassurance tie-ups with ABN Amro Bank, American Express Bank, IndusInd Bank, Centurion Bank of Punjab, The Lakshmi Vilas Bank Ltd. and Punjab & Sindh Bank, Co-operative Banks in Gujarat, Rajasthan, Jammu & Kashmir, Bihar, West Bengal, Andhra Pradesh, and Maharashtra and regional Banks.

When Aviva entered the market, most companies were offering traditional life products. Aviva started by offering the more modern Unit Linked and Unitized With Profit products to the customers, creating a unique differentiation. Aviva’s products have been designed in a manner to provide customers flexibility, transparency, and value for money. It has been among the first companies to introduce the more modern Unit Linked products in the market. Its products include whole life (LifeLong), endowment (LifeSaver, EasyLife Plus, LifeSaver Plus), child policy (Young Achiever, SaveGuard Junior, Aviva Little Master) single premium (LifeBond and LifeBond Plus), Pension (PensionPlus), Term (LifeShield), fixed term protection plan (Freedom LifePlan) and a tax efficient investment plan with limited premium payment term (LifeBond5). Aviva products are modern and contemporary unitized products that offer unique customer benefits like flexibility to choose cover levels, indexation, and partial withdrawals.

Aviva’s Fund management operation is one of its key differentiators. Operating from Mumbai, Aviva has an experienced team of fund managers and the range of fund options includes Unitized With-Profits Fund and four Unit Linked funds: - Protector Fund, Secure Fund, Balanced Fund and Growth Fund.

Aviva has 176 Branches in India (including rural branches) supporting its distribution network. Through its Bancassurance partner locations, Aviva products are available in more than 1600 locations across India.

Aviva is also keen to reach out to the underprivileged that have not had access to insurance so far. Through its association with Basix (a micro financial institution) and other NGOs, it has been able to reach the weaker sections of the society and provide life insurance to them.

Grow Talent Company Limited and Businessworld have felicitated Aviva with the “Bronze Award for Excellence in People Management.” This honor is given to Aviva based on the ranks received in top 25 list of the Great Place to Work India studies conducted in the last four years. Aviva was ranked 12th in 2003, 14th in 2004, and 13th in the year 2005.

Labels:

Comments

Post a Comment

Popular posts from this blog

Auto Insurance Brokers - Can They Really Save You Money on Car Insurance?

Auto insurance brokers are the people that can actually write insurance policies. They are the ones that are licensed to operate an insurance agency and they are also the ones that hire and train the auto insurance agents that staff most agencies. They are typically licensed by the state and have more experience than the agents working under them, but can they save you money? The answer is yes they can save you money, but not as much money as you could save yourself if you were to shop for your car insurance online. Some auto insurance brokers specialize in finding low quotes for their customers and for many years this was the only way to find a great deal on car insurance. Now consumers have another option; they can shop online for their car insurance and cut out the middle man. Shopping for an auto insurance policy online is the surest way to find the best deal on car insurance. The reason for this is that when you shop online for vehicle insurance you are able to view quotes from m...
Read more

Story - ICICI Prudential's success story

ICICI Prudential's success story It is a real life story. A story of an insurer that has managed to hold on to its lead in the marketplace for seven years. ICICI Prudential, a joint venture between ICICI Bank   and Prudential UK, has been around ever since the private sector was allowed to sell life insurance policies.   Since then the tribe of life insurers has grown from 12 to 16, but ICICI still leads the private sector pack. With a portfolio of over 6.5 million policies, India's biggest private sector life insurer has not merely held on to its share but grown it; at the end of January 2008, the firm commanded 29 per cent of the share owned by private sector players. Quite some way below was Bajaj Allianz with 21 per cent, while State Bank of India   came in third with 10 per cent. How did ICICI achieve that? Says Ashvin Parekh, national leader, financial services, Ernst & Young, "Their strategy has been to grow the portfolio large enough so ...
Post a Comment
Read more

Do Not Skimp On Your Landlords Insurance

With the country well into its worst recession for some considerable time – although nobody knows how long it will last – property owners may find that some tenants are facing financial difficulties. Residential landlords could see tenants losing their jobs and having to rely on state benefits to pay their rent – which is okay if the money reaches the property owner. Whilst owners of commercial property could see tenants going out of business – in which case there is generally nobody who will pick up the tab. Worse still, the landlord may have to cover such items as insurance and business rates, with no income to cover them. As a result, this could lead to some property owners seeking to save money in any way possible and looking at their landlords insurance costs could be one of these. But with the cost of commercial fire claims last year 15 per cent higher than 2007 – and domestic fire costs up 17 per cent – there are significant dangers in looking at property owners' insurance...
Read more